Latest / Illinois Valley - Shaw Local / State sets Livingston County’s tentative multiplier at 1.0000, same as last year

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State sets Livingston County’s tentative multiplier at 1.0000, same as last year · Illinois Valley - Shaw Local

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  State sets Livingston County tentative multiplier at 1.00000, same as last year,
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  Written by Michael Urbanek. This article is being read by an automated
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  voice brought to you by Everlit. The Illinois Department of Revenue has
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  issued Livingston
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  County a tentative property assessment equalization factor of 1.0000 the same
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  factor the county received last year, according to Department Director David Harris.
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  The factor, often called the multiplier, applies to 2026 taxes payable in
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  2027. It is tentative and could change before it is final, according
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  to the department. The department said assessments in Livingston county are at
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  33.35 of market value, based on property sales in 2023, 2024,
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  and 2025. State law requires property in Illinois to be assessed at
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  one-third of its market value. The
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  department sets a factor for each county every year by comparing the
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  sale prices of properties sold over the past three years with the
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  assessed values the county assessor placed on them. If the three-year average
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  assessment level is one-third of market value, the factor is 1.0000. A
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  county assessing above one-third gets a factor below 1.00000, and a county
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  assessing below one-third gets a factor above 1.0000. The multiplier keeps assessments
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  uniform among counties as state law requires. According to the department, that
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  matters because some of the state's 6,600 local taxing districts, such as
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  school, junior college, and fire protection districts, cross county lines. Without equalization,
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  taxpayers with comparable properties in different counties would pay unequal shares, the
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  department said. The tentative factor could change if the County Board of
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  Review takes action that significantly affects county assessments, or if local officials
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  or others present data showing the department's estimate of the county assessment
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  level should be adjusted. A public hearing on the tentative multiplier is
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  to be held 20 to 30 days after the factor is published
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  in a newspaper of general circulation in the county. A change in
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  the multiplier does not by itself raise or lower total property tax
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  bills, according to the department. Local taxing bodies set those totals when
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  they request money each year. If those bodies do not ask for
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  more than they received the year before, total property taxes will not
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  increase even if assessments rise, the department said. An individual property's assessed
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  value determines that owner's share of the tax burden and the multiplier
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  does not change that share, according to the department. Farmland and farm
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  buildings are assessed under separate standards based on productivity. Farm home sites
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  and dwellings follow regular assessment and equalization procedures.